"Store closures are part of a series of actions we're taking to reduce on going expenses, adjust our asset base and accelerate the transformation of our business model. These actions will better enable us to focus our investments on serving our customers and members through integrated retail – at the store, online and in the home," he said.

Meanwhile, Sears Holdings reported Thursday that sales at its Kmart and Sears stores continued a years-long decline over the most recent holiday season, according to Reuters.